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| Walgreens, 2325 East Camelback Road, #1100, Liberty Township, OH |
LOS ANGELES, CA – Charles
Dunn Company, one of the largest full-service regional real estate firms in the
western United States, has completed the approximately $6.72 million sale of a
single-tenant retail property occupied by Walgreens in Liberty Township, OH.
Barry Rothstein, managing director with Charles Dunn Company, represented the buyer, a
private investor from Thousand Oaks, Calif. who was in the upleg of a 1031
exchange. The seller, Phoenix, Ariz.-based VEREIT, 2325 E. Camelback Rd.,
#1100, was represented by Marcus & Millichap. The closing cap rate was 5.8
percent.
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| Barry Rothstein |
“This property was ideal
for my client as it was the upleg in a 1031 exchange transaction,” said
Rothstein. “I brokered the sale of his management-involved apartment property
in the City of Los Angeles and then the trade into this single-tenant retail
asset with a national, investment-grade tenant.
“Overall, this property
offered very little management responsibilities and an increase in cash flow of
approximately $100,000 annually.”
Rothstein noted that he
worked with his client to identify the Walgreens-occupied property as it is
well-located in an area with favorable demographics. Additionally, with 20
years remaining on its original term of the lease, it offered a passive and
stable investment opportunity.
“The buyer was able to
obtain fixed, low interest rate CMBS financing with 10 years of interest only
payments,” noted Rothstein.
Built in 2011, the
property is situated on nearly 1.8 acres and is located at 6330 Cincinnati
Dayton Road. It includes a drive-thru and offers 60 parking spaces.
The area
surrounding this property has excellent demographics and projected growth with
a current population of more than 40,700 within a three-mile radius. The area
also features a strong amount of national retailers, such as Kroger, Target, TJ
Maxx, Home Depot, Cabela’s, PetSmart, and Lowe’s.
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
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